argenx - No rest for the wicked
In the aftermath of the recent CIDP readout and H1 results, we have 1/ positively revised our gMG and, most notably, CIDP sales revenue estimates resulting in a combined 2030E sales for Efgartigimod of c. EUR 10bn and 2/ updated our hypothetical acquistion price (EUR 34bn vs EUR 27.5bn pre-CIDP readout). As a result, we increase our TP (weighted average of equity value/share and acquisition price/share) from EUR 424 to EUR 558.We are convinced that the recent CIDP readout further increases argenx's attractiveness as a takeout target for big pharma and, in that context, we performed a candidate assessment withArgenx N.V. is a clinical-stage biotechnology company developing a deep pipeline of differentiated antibody-based therapies for the treatment of severe autoimmune diseases and cancer. Utilizing its suite of differentiated technologies, Co. is focused on developing product candidates with the potential to be either first-in-class against novel targets or best-in-class against known, but complex, targets in order to treat diseases with a significant unmet medical need.
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